The Turks and Caicos Islands has $1.2billion private sector investments, according to Premier of Turks and Caicos Islands, Washington Misick.
During a groundbreaking ceremony for The Strand, Turks and Caicos on Friday, March 25th, 2022 in Cooper Jack Bay, Providenciales, Misick said: “We have a lot of hard work to do to ensure that there are systems in place to facilitate the private sector because it is the private sector at the end of the day that generates growth and it is our job to ensure that the growth is sustainable.”
Premier Misick praised The Strand, Turks and Caicos for their focus on sustainability as they recently broke ground to their residential resort community development.
Misick said he is pleased to know that developer John Fair’s focus is on sustainability and not only on the decent return on his investment, but also in making sure that the human development index somehow matches with the Gross Domestic Product (GDP).
“Everyone who has anything to do with this project and everyone who is here operating in the private sector, we would like for you to start thinking seriously about your corporate social responsibility, because if you volunteer to take that on seriously and make sure that you build sustainability and inclusive growth as part of your strategic focus, then it means that the less the government will have to do in imposing social corporate responsibility,” the premier said.
Misick said he is grateful for both local and foreign investors and developers who seek interest in the Turks and Caicos Islands.
“I think Turks and Caicos is actually been very fortunate and we’re grateful for those who have come. We’re grateful for our local investors and local developers as well as the foreign ones that have the confidence and the discernment to see the jewel that these islands are. A lot that happens here has happened organically because of the God-given attributes and the proximity to strategic locations, but now Turks and Caicos Islands needs to be more intentional about what we want and where we want to go. That is one of the reasons we recently signed off on the Physical Sustainable Development Plan and that will come under review from time to time, but for the time being, that is the Turks and Caicos Islands’ bible as it relates to the future developments of these islands,” Premier Misick said.
He continued: “What is happening here is going to require huge investment in the construction and development of these islands to facilitate this growth. We already have serious issues at the Providenciales International Airport and it’s going to probably cost us literally hundreds or millions of dollars to bring it up to standard to make sure that it’s fit for purpose. We have to invest huge amounts of money to other such as infrastructure, sports and proper road so while we are doing well, we’re generating a lot of wealth/money, and we also need to build capacity to ensure that we can draw down on funding to develop a public sector investment programs that will continue to be sustainable.”
Misick said his government will improve in digitalization due to the lack of services given out to customers.
He said, “I know some of you are experiencing some degree of frustration because even with the digitalization it is something that we have to focus one because I would be the first to admit that there are systemic issues with actually being able to deliver services on time. So we’re going to need your patience, and in fact, those of you who believe that we have something to offer besides making money, we welcome you to come forward and bring those ideas to the table. For us it is all about developing the logistic approach so that those of us who call this place home, and those of us in the future who will call it home, that we have the best smart regulated regulation; by that I mean the best prosperous small economy certainly in the Caribbean and I don’t think it is too late for us to do that.”
